Addresses with at least one Bitcoin are on the rise, hitting an all-time high of 841,224 on May 16. The increase coincides with Bitcoin’s drop of over 55% from the all-time high of almost $68,000 in November 2021.
Experts highlighted that buying the world’s most loved crypto is still prohibitively costly for most retail investors despite the high level of volatility. As such, the price drop prompted large investors (whales) to increase their holdings when BTC’s price fell. But with whales accumulating a significant share of the digital asset, most Bitcoins are circulated among retail investors. They own portions of the top crypto.
It’s nearly impossible to single out the specific owners because of Bitcoin’s anonymity. But most whales are usually associated with large entities such as companies and exchanges. Data on addresses with at least 1 Bitcoin doesn’t show the number of people holding the amount. The number of wallet owners, in some cases, differs considerably. It should be noted that some people may be having access to wallets with slightly lower balances.
Whales grabbing more Bitcoin is an indicator that the crypto asset is increasingly regarded as a store of value. This concept has been explored on numerous occasions, especially with the rising inflation. A drop in price usually is a buying opportunity as selling might result in losses. According to Glassnode, the number of Bitcoin addresses in profit for the seven-day moving average hit a 21-month low. Experts argue that as Bitcoin makes losses, investors might be withdrawing their holding from exchanges and anticipating selling opportunities.